Acams Module 2 Already Passed

Goal of the Egmont Group {Ans: is to provide a forum for FIUs around the world to improve cooperation in the fight against ML/TF and to foster the implementation of domestic programs in this field}The Basel Committee on Banking Supervision's paper on "CDD for Banks" specifies four key elements of a KYC Program: Which of the following is NOT a component/element of the KYC Program specified in the paper? A. Customer Identification B. Risk Management C. Employee Training D. Monitoring {Ans: C. Employee Training}Specific Issues emphasized in "CDD for Banks" in regards to customer identification issues for high risk customers and recommends the bank should {Ans: Develop customer acceptance policies and procedures describing the customer's background, country of origin, business activities and other risk indicators Use standard identification procedures when dealing with "non face-to-face" customers Provide periodic bank-wide employee training that explains the importance of the KYC policies and AML requirements Conduct continued monitoring of high-risk accounts by compliance personnel to obtain a greater understanding of the customers' normal activities and enable the updating of identification papers and the detection of suspicious transaction patterns}The Basel Committee's mandate is to {Ans: Strengthen the regulation, supervision and practices